Common use of Satisfaction or Release of Mortgage and Termination of Assignments and Financing Statements Clause in Contracts

Satisfaction or Release of Mortgage and Termination of Assignments and Financing Statements. If and when Mortgagor xxx xxxx and performed all of the Obligations, and no further advances are to be made under the Loan Agreement and all Swap Contracts have been terminated, Mortgagee will provide to Mortgagor a satisfaction or release of the Property from the lien of this Mortgage and termination statements for filed financing statements, if any. Mortgagor shall be responsible for the recordation of such reconveyance and the payment of any recording and filing costs. Upon the recording of such satisfaction or release and the filing of such termination statements, the absolute assignments set forth in Section 2.2 shall automatically terminate and become null and void. Partial releases of the Property from the lien of this Mortgage shall be made on the terms and subject to the conditions of the Loan Agreement. No partial release shall be sought, requested or required if any Event of Default has occurred which has not been cured.